How to Compare Loans in California
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Online Loans in California
We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in California are quite different from the laws set in the other states.
Compare online loans in California with our loan comparison tool above, or read more about online payday loan laws in California below.
The Advantages of Online Loans in California
Title Loans in California
By comparing lenders online, you can apply for title loans in California to get a cash loan against your car's title.
Obtaining a title loan in California is fairly easy and the entire process can take less than an hour. The lender will evaluate your needs and budget, and do a quick assessment of your vehicle. Once you've reviewed the terms and signed the paperwork, the money will be paid out to you.
In addition to comparing payday loans online in California, you can compare lenders to find the best California title loans with Financer.com.
Regulations On Loans in California
California has rather strict laws regarding payday loans and installment loans.
Thus, most lenders have opted to withdraw their services in California and go to other states which have been considered less restrictive.
To obtain California payday loans, the lender must be licensed by the Department of Business Oversight.
Of course, you may decide to go for unlicensed lenders. However, these lenders will most likely not follow lending rules governing California so strong caution is advised for any unlicensed lending agreement you find yourself in.
California Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | Can exceed 400% |
| Max. Loan Amount | $300 |
| Min. Loan Term | Not specified |
| Max. Loan Term | 31 days |
| Number of Rollovers | 0 |
| Cooling-off Period | None |
| Installment | No |
Here are some of the regulations that govern payday loans in California:
- The maximum loan amount is $300.
- The loan term for payday loans can be up to 31 days.
- A lender can charge no more than 15% as a fee.
- There is no cooling-off period.
These regulations only apply to short-term loans although there are a few other minor rules.
If your loan payment bounces the lender can only charge you once, up to $15. Your lender can not offer another California installment loan to pay off the original loan.
You have the right to ask for all the paperwork regarding the loan. Rules are bound to change.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Payday Loan Requirements
When you apply for California payday loans online, approval can be granted in as little as one hour, with some companies offering instant approval on smaller loans.
When applying for a California cash advance, you'll need the following:
- An active checking account. This is usually for the purpose of wiring money directly to your account once approved.
- Proof of income. This includes current information about your employer, plus any disability benefits.
- A working phone number. This can be either a home or mobile phone.
- Be at least 18 years old and a U.S. citizen or a permanent resident.
- You cannot be an active member of the military.
What Lenders Should Do
As a borrower, you have the right to know the full amount including the APR. Lenders also cannot accept collateral against cash advances.
Here are some things lenders in California cannot do:
- Accept collateral on California payday loans.
- Take blank checks.
- Provide lending service to a borrower who already has an outstanding payday loan.
- Commit unlawful or deceptive acts.
- Make intentional misleading statements.
- Threaten you for non-payments.
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Compare California Loans at Financer.com
Financer.com helps you compare the best personal loans in California and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in California and take the guesswork out of doing all the legwork yourself.
California Loans FAQs
What is a California title loan?
A title loan in California allows you to borrow money using your vehicle as collateral for the loan. It's easy to get fast cash if you have a clear car title and the approval process is quick and easy. California title loans work similarly to title loans in other states but CA has stricter laws that protect the consumer
How do I know if my car's title loan is clear?
A car title that is free and clear will say 'No Liens' on it and have no one listed as a 'Lienholder'. If you want to confirm you can phone the company that originally issued the car loan.
How much can I borrow with a title loan in CA?
The total you can borrow depends on the value of your vehicle and your ability to repay. Loan amounts can also vary by state and usually range between $100 to $10,000.
How much does it cost for a payday loan in California?
The cost for online payday loans in California will vary by lender. However, the average APR in California is around 372% and the maximum loan fee a payday lender can charge is $45.
Example: A $500 loan for 31 days with a 360% APR will have a total of $147 in fees, with a total payback amount of $647
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